Foodtech giant Swiggy’s quick commerce platform Swiggy Instamart on Tuesday said it expanded its reach and brought its total operational cities to 42.
In the last two months, Swiggy launched Instamart in 10 Indian cities—Thrissur, Mangalore, Kanpur, Udaipur, Warangal, Salem, Amritsar, Bhopal, Varanasi, and Ludhiana.
“The enthusiastic demand from smaller towns and cities has been incredibly encouraging. Our expansion into these new locations marks a significant milestone,” said Amitesh Jha, CEO of Swiggy Instamart.
The company is also partnering with local brands and vendors to provide customers access to products based on their regional preferences such as Narans Foods and Ideal Icecream in Mangalore, Top N Town Breads and Andaah in Bhopal, and Milma Milk and Navua Bakers in Thrissur.
Swiggy Instamart also plans to deepen its presence in Tier II and III markets by expanding its dark store network across existing and new cities and increasing its assortment to handle the rising demand.
Last week, Swiggy launched an Incognito Mode feature, allowing users to place private orders across its food and Instamart platform.
The food delivery company is likely to file its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) by as early as the first week of September, marking the second-largest IPO of a venture capital-backed company in the country.
Swiggy is set to increase the size of its initial public offering (IPO) by raising additional capital through a fresh issue of shares.
According to an internal set of documents, the company will make an issue of fresh shares worth Rs 5,000 crore (about $600 million), an increase of Rs 1,250 crore (or $150 million) from its earlier plans to raise Rs 3,750 crore (around $450 million).
